Bitcoin Forum

So Bitcoin dropped under 7040$ support and fall to the next one at 6800$. Are the support level at 6800$, 6400$ and 5800$ breakable? are we really going that low. Where would be the best entry point till the end of the year in your opinion?

For long time,this is the best time to buy bitcoin.Bitcoin can fall to 6k$ but can reverse any time.If you want to buy then you can put in three steps 6500,6200,5900 will be good.if bitcoin dumped then it will be best for you.if bitcoin down to 6k& after that pump you can also make some profit. 

calm down and don't need to panic, the current low price of bitcoin doesn't make a lot of people panic, because the price won't really touch $ 3000, so don't worry about buying it they will keep playing at that price of $ 6000 - $ 7000, so just enjoy buying when the price becomes cheap

Breaking the $5800 support would mean a bear trend for 2020, making new low than 2019 low. This is nightmare for bull lol. I really hope it does hold and bounce if it ever touches that level.

We already touch $6800 twice now. Third time's a charm, I think it will break the next time we touch it. See you at $6400!

Bitcoin is currently still going to continue to fall and to a low of 6800 will soon occur this support is getting stronger because of the opposite direction so it's likely to go down even more.
I estimate the lowest price is 6500 and we only wait for 1 week it will occur in my analysis, but if it does not penetrate then it will be more then the sign will start and in my opinion also 7000 is still the lowest price at this time.

You can slowly buy some btc right now. The price is considered low after it went falling from the $9,000 level. Btc just touched the $6,000 level and there is a very slim chance for it to go as low as $5,000 level. Some of the investors mistake is waiting for the bottom to find a good entry point but failed to buy while the price is suitable for buying.

we are getting closer to the end of the year and the year-end panic is upon us right now and with the latest drop that we had, all the buy supports are mostly out of the window the funny thing is that it is the same for all the resistances. we are yet in another unpredictable situation.

with that said i think $6500-$6700 must be two strong supports and prove to be very hard to break. the next 48 hours will make things a lot clearer though.

People still believe bitcoin can be predicted. No price ever of btc made any sense. Few people decide the price of bitcoin.

I tend to give a big LOL at those supposed support levels, because if they really supported anything bitcoin wouldn't constantly be dropping through them.  It's at $6707 right now, so I guess that $6800 support didn't hold, eh?

But all that TA stuff aside, just remember that bitcoin started off this year at around $3200, so it doubled in price by the end of it.  Yeah, there was that big pop up to $13k, but that was just a crazy mini-bubble IMO.  If 2020 starts off with bitcoin at $6700, I'm hoping we have at least as good a year as this one was.  The market certainly doesn't seem very bullish, but that could change.  The halvening might even have some sort of effect, who knows.

No signs of a bottom yet. At this point, I would expect a double bottom attempt off $6,500 but I doubt it'll hold. We probably need a harsher dip below the lows (like the October dump to $7,300) to run stops and shake out all the marginal longs. $6K or the $6,150 level David is watching (https://bitcointalk.org/index.php?topic=5140701.msg53369008#msg53369008) are both reasonable short term targets.

$5,400 is the next level of interest after that.

It seems that Bitmex users are very confident that the price will not fall too much and that will soon have recovery, at least that is what it says in this article:

Bitcoin Price Hits 3-Week Low Even as Investor Bets on Bull Move Surge (https://www.coindesk.com/bitcoin-price-hits-3-week-low-even-as-investor-bets-on-bull-move-surge)

I want to see how this will end


To be honest, if it breaks $6500, then we will see $5600 and if it breaks $5600 then we will see $3000 again, of course it is still very difficult to imagine the price falling below $6000.

Every price of Bitcoin makes sense. It's just the supply versus demand that can change quickly, some times even from day to day. On the way up the demand for months straight exceeded the supply. Currently we're experiencing the opposite. People need to calm down and let the market bleed.

When you see the price go up like +300% in a matter of months know that the price will come back down hard. Look at the charts. The year doesn't even matter. All Bitcoin does is pump and dump hard, but it always manages to bottom above the previous bottom. I'm confident that we aren't very far from the next higher bottom.

The whales you mean? I'm pretty sure that whales are being crushed too.

yes, bitcoin continues to show a descending pattern and there is no sign of a breakout yet. I think $6000- $5800 will be reached until the end of the year. then at the beginning of the year bitcoin will be stuck to determine the next direction or give a show for a bullish sign. the best entry is $6000- $5800. but still monitor the price of bitcoin. because this is only a prediction and can change at any time.

I'm hoping it does go below $5000. It just seems like the time to sell as it's Christmas and people just want to spend, lol. Just my guess.

Welcome to the $6.6k level then. I'm hoping for final bottom to be around $5.9k or $6k at the most. We were around $3k at the start of the year so ending the year with double of that plus entering halving with it seems promising imo. I do hope the next 24hrs could bring a clear indication of where will BTC hit its bottom. I'm slowly buying off every now and then but it still is worth it waiting for that final bottom before BTC performs a push forward once again.

Be relaxed and don't let the panic take over, the $ 200 drop doesn't require all that panic.
I agree that we have low levels, but the price is still resisting to rise, so I think that we have found solid ground without collapsing below 4000 dollars and other numbers.
This is one of the analyzes that I consider good and that explains what happened.



Source and more information: https://www.youtube.com/watch?v=HDt3_oNYhEg

People still worry too much about things that are not really that significant, I believe that in the worst case scenario we could see a price of 5000, but as I said that is the lowest I see bitcoin reaching, most likely at some point there is going to be a point in which bitcoin reaches 6000 but the bulls will immediately defend that price and we go back to 7000 just as it has happened all the times we went below that resistance level, so instead of panicking take the opportunity and buy bitcoin when that happens.

Luckily, Bitcoin's support is strong enough to hold at $7k despite of the recent drop it made last week due to holiday season IMO. There's no need to panic selling this month and continue to hold so that Bitcoin will remain just like this until the end of month. But if whales decided to dump then it's still a good opportunity to start buying since the price would go down that time.

That is the point why people lose money in trading and bitcoin investment because they listen to btc prediction. I only know btc has a use case and I just buy low then wait for convenient high for me and sell for profit. The prediction isn't really followed up by the price.

It hit $6600 twice. On 25th November and 18th December. And in both cases it bounced back. Now we are waiting what will happen third time. It can broke down below it or no. If it will get rejected then i double will go down to $6600 again.

Well, we got the double bottom attempt I was expecting. (https://bitcointalk.org/index.php?topic=5210278.msg53372977#msg53372977) The daily candles look pretty ugly with that $300 dump today, but we're still just chopping inside the same range from the past 2 weeks. I'm not confident in a revisit to the December lows yet.

If we do go back there, I don't expect a triple bottom. Those are extremely rare. I'd be looking closer to $6K or $5,400 for support.

The current support of bitcoin is around $6400 and it can considered as major support where the price are mostly bouncing, if there will be a breakdown that will happen; the next support level is at $5500. And if the $5500 got broken the next support is at $5000 where we can considered at psychological support. It is a bad sign if the price of the bitcoin get breakdown again because it only saying that the bearish market will still last long.

It may not go below 6k anymroe. That may have been the last time we will see it.
Lucky are those who have bought some bitcoins at that time. I really hoped I did but I am too busy with things and didn't even looked at the bitcoin price.
As I checked it, sadly it was already back to $7k+.

There is an event getting near which is called the halving and as days pass by we might see more pumps that will happen for people will be buying back.

You might have missed the entry point which is $6800.

There is still a resistance with $7k. It might have dropped that low but it did not take long.
I am expecting a large pump again after this year. Investors will be buying out of fear or having a though that they might regret it later.
Later is the upcoming halving.
I don't believe some analysts which tells there will be not much movement before that.
There will be. That is my opinion though, you can also have yours.

I think at $6800 is most support level for bitcoin price and become your chance to invest with bitcoin during faced with bitcoin halving next year and have higher price, you can start your investing with bitcoin on support level price $6800 and waiting your investing is fill completed and hold until several month later when bitcoin halving coming one month again you can sell it and get profit.

@exstasie bitcoin prices won’t touch $5400 levels so soon because they have found strong support at $7k levels, and even if we assume the worst then also I feel that bitcoin prices will start rebounding at $6300 levels and it won’t slip any further. As of now bitcoins prices are trading at $7200 levels on preev, and in my personal opinion bitcoin prices shall end the year between $7100 - $7200 levels what are your thoughts on this?.

I disagree with you, because I am not sure Bitcoin will decline to $5,000 as you say.
because it seems like you are using a 1D timeframe to name that price, whereas December is at the end. as I usually do for the 1D timeframe when the month moves to January the support and resistance lines will change, so it doesn't have to be $5,000.

We don't get bad of the price will fall into $6,500 or even below. Though it is not the support we look for but we have nothing to do for this. May others have sold their Bitcoin as low price making the price fall and they are more than enough to drag the market. But it was not the end of Bitcoin.

I read this one it seems to enlighten us and to find the time to buy or sell https://www.tradingview.com/ideas/supportandresistance/

not long ago the price of bitcoin fell below $ 6400 and the price went up again, it seems like buying support at that price is very strong so it is not easily penetrated let alone go down below it too long, in my opinion at this time is the right time to trade, soon we welcome the year 2020 hopefully it will be even better

And what do you think would the triple bottom rarity event suggest, if it does happen? Simply a delay in the 6k support test or an unwillingness from the buyers to relent on current support so soon into the new year?

Personally also am prepping for another 6k, then 5k, and maybe even 4k all the way till March before that end of q1 steam propels ahead for another unyielding ride to the top. And I'm only saying 4k cause every year, the low gets higher and I don't think we'll see a first time that trend bucks in 2020.

Difficult to say if touching the price of $ 6500 is too low and will not reach the suppord area like that, of course this is not my desire to reach the low price as mentioned, but I did not find a beaten bitcoin price going where it would be whether it would be more stable at current prices or will it be bullrun? Let's look tomorrow

Right now 7000$ look like a great support for bitcoin as its not falling beyond that price. We saw pumping at 6800$ that took bitcoin to 7500$. My prediction is if bitcoin fall beyond 7000$ then next support will be 5000$.

I don't see strong support in the $7,000s. The bounces off $6,400 and $6,500 had a lot of potential but bulls have been rejected hard below every pivot from November and December. Every high is a lower high, with nasty wicks to boot. The chart still indicates that we might be slow bleeding to lower lows.

Breaking above $7,700 with authority will paint a more optimistic picture. Bulls need to show a sign of strength before we can be confident the bottom is in.

Few days ago it was $7,400 and I thought it will break $7,600 but it didn't happen, maybe in some exchanges. I'm waiting again for $6,500 - $6,800 levels to start buying and that will be my price indicator that I should although it's always the right time to buy if you're long but I have just set myself with those prices that I have mentioned.

$5,000 will be the support if it goes under $7,000? hmm.. I'm more convinced that it will be $6,000 - $6,500. Let's wait until the first day of 2020 if bitcoin will be pulled down below $7,000.

That was exciting to see how the market change in the next couple of hours( that was the year 2020).
The price still stands above $7k ( thas was $7,100 at my post) but I couldn't find a big change in it. Not really sure but the resistance and support level will still stay the same until next early next year. The commencement of halving is only our hope to see a huge market change otherwise, we live the current price the same.

I’m still doubting on the support level of $5k since I believe we will not touch that price level again. This new year bitcoin will start to recover and there should be no major dumps because the bull will change the market for a better again. Bitcoin next support level when the market pump is around $10k, pretty higher compare last year.

We hope that Bitcoin market is better but it seems Bitcoin downtrend will continue.  Analyst may say that Bitcoin may rally because of some divergence forming but the fact that the chart looks like the downtrend will continue still remain.  I think for now we should be happy that Bitcoin is going sideways.

The year 2019 has ended, when you see the lowest point throughout 2020. according to my analysis for the price of Bitcoin this January to February, the best level of support is around 5800 $. which is where I looked at my technical analysis, the $ 5800 price was the last support until the end of this month. I myself will buy it when the support is achieved.

right now we are in 2020 where the best time has really come, we will really see where the whales are playing with all of us here, so I'm not sure about prices going down more than before, bitcoin will answer everyone's questions, what is this it's time to get a better price than last year, hope buy support will come soon waiting for them new people to come with money

It's hard to think of the price stopping at $5800 when we get to dip under the $6000 level. I'm confident that it will be a quicky to low $5000's in case we do have more weak hands to shake out. The 200 weekly MA is a magnet and will be where I go balls deep one more time. Currently it's hovering just under $5100 and moving up week after week.

That being said, too many people aim at sub $6000 levels currently, which only makes it less likely to actually happen. Of course, dumb money can be right too just by luck, but in general, they are wrong far more often than right, and that makes me a tiny bit more bullish.

agree with you, I can assume the decline in market prices will not last long at the previous price, there is a possibility that there will be an increase in market prices, so as to be able to cause a slight increase in the first quarter of this year.

In case of true support price ranges, I love to look at the yearly loves over the long term:

https://preview.redd.it/jtxbntwjy6841.png?width=196&auto=webp&s=82e2c7e5a0a60335a84f43b0eede8c25adbd1250

Right now the most important support level is that of $6700. It has enough volume for bulls to sustain in case it gets tested again. But if breached, price gonna go for a downward spiral and it will be a bloody day for the altcoins as well which are already testing their all time lows.
But Bitcoin has been successfully defending the support and looking for breaching the resistance of $7560. That if breached can take the price to $9000s.

Absolutely, I might go for 5,500 but once you've lost 6k, it's just that much more of a psychological blow for it to simply rest at 5800. In fact, once 6k goes, and even 5,5k, I'd be expecting a full blown sub-5k effort to dip all the way down to 4k as I said above -- but only just to stop there. Again, psychology will prevent us going back to last year's low, that's fully in sync so far with your 200 MA, and while I don't believe in technicals, I believe in psychology and there's our convergence.

Its always a measure of momentum vs these ideas of resistance and support.   People dont have to turn up just because a number appears, its just the idea of the market having a memory.   I try not to carve anything into stone when I remember BTC isnt one nation, its the many collected currencies of the entire globe and every person sees the price in their own currency to some extent not just Dollar.
   This is part of the mistake of those who keep writing off Bitcoin as if its nothing, great for them in their riches with multiple choices at their fingertips but many nations have no reliable currency and the people are distant from Dollar source, BTC is invaluable to some.  So for sure there are always buyers who need this project to succeed.   We can have a bull run at any time imo.
   Numbers matter but I want to keep track of momentum to have any accuracy.   Right now BTC is drifting, its been sideways for a while.  So I watch movement, does it cross this line and if so will it maintain that over days not just hours.

https://i.imgur.com/KqRp1eZ.png

Here is the two day average in blue, its a very small short term measure but we have to be staying above that to consider accumulating into anything grander.   I do wonder as BTC might be breaking the trend since July but its quiet as a church mouse right now.

Yesterday there was a new attempt by the bears to make the price to go down and the bulls gave them no chance and now we are moving between 7200 and 7300, it is possible we are already experimenting the effects of the halving since that was too quick and it is possible investors are already taking their positions to the expected positive movement the halving could bring, but if that does not happen then get prepared as the price will most likely begin to go down once again.

Of course, I have not yet learned to analyze everything that is happening on the cryptocurrency market in full and therefore I use certain resources to obtain additional information.  Thus, according to the analysis of BITSTAMP, the Bitcoin price chart shows an increasing trend in the Global Triangle, which indicates that bitcoin can reach the next Highs in April 2020.  If this happens really, then from today we should expect positive results in the cryptocurrency market.